- July 30th, 2009, 11:22 am
#268405
It seems like I've heard this story three times over the last couple years, but they finally sold the golf course land to be developed for housing.
http://www2.newsadvance.com/lna/news/lo ... rse/18130/
http://www2.newsadvance.com/lna/news/lo ... rse/18130/
Oakwood Country Club has struck a deal to sell its golf course tract to a residential community developer in the Richmond area, the club announced Wednesday.
If the project gets city approval and pre-selling of lots goes well, East West Communities will buy the land, about 75 acres, and turn it into a “high-quality” neighborhood. The deal is expected to yield $2.5 million to $3 million for the club.
Terri Proffitt said the deal will help Oakwood Country Club pay off its debts and find better financial footing. Also, developing a residential community on site will help the club in the future, she said.
The announcement brings a conclusion to more than a year of questions about the future of the Lynchburg golf course. In January 2008, the club closed the course without firm plans for the land.
In the deal that was struck with East West, Oakwood Country Club will keep its clubhouse property and its recreational facilities, including the swimming pool and tennis courts. The club has agreed to renovate the facilities as well.